McDonald's beats big on earnings, thanks to all-day breakfast
McDonald's just reported first-quarter earnings, and the company absolutely crushed it.
The fast-food giant reported a 46% jump in adjusted earnings per share (EPS) of $1.23. Revenues totaled $5.90 billion, down 1% year-on-year.
Analysts had estimated adjusted EPS of $1.16 on revenues of $5.81 billion, according to Bloomberg.
McDonald's same-store sales — at locations open for at least one year — rose 6.2%, topping the forecast for 4.5% growth.
In the US, all-day breakfast and the McPick 2 offering helped boost the 5.4% increase in same-store sales.
"I'm pleased to report that our turnaround is taking hold," CEO Steve Easterbrook said in the earnings statement. "For the quarter, we generated higher sales, revenues and operating income in constant currencies across all business segments."
In the fourth quarter, McDonald's results showed that its turnaround strategy, including the introduction of all-day breakfast and management restructuring, was paying off. Its same-store sales rose for the first time in two years in the third quarter.
The company's shares rose by as much as 2% in pre-market trading. They've soared 32.5% in the past year.
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